| -广告 | | --- | 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 鑫椤资讯成立于2010年，主要服务于炭素、锂电、电炉钢3大行业，是中国专业产业研究和顾问公司。鑫椤资 讯以研究为中心，提供数据库、产业前瞻预测、战略咨询和媒体宣传等服务。 Europower总部位于土耳其，是欧亚区域著名的光伏系统制造和项目安装商，在成立的20余年间已落成数 千个成功案例，积累了丰富的市场经验与客户资源。 基于合作框架，上能电气将与Europower 在储能应用场景中保持紧密稳定的长期合作 ， 签订 共计 750MW的储能产品框架供货协议 ， 在产品及渠道等方面实现优势互补，以高质量的储能产品进一步为欧 亚区域的低碳发展注入更多动力。 上能电气正以 "真液冷" 和 "构网型" 技术持续领航储能赛道，目前 全功率段组串式PCS和集中式PCS均 配备上能电气第二代增强混动式构网技术 ，以十大核心功能支撑电网全栈稳定，为发电侧、电网侧、配网 侧及微电网全场景应用注入新活力。 全球化布局一直是上能电气近年来的重点战略， 而 土耳其作为横跨欧亚大陆的重要纽带， 更是上能电 气 布局 ...

Core Insights - The article highlights the rapid growth and increasing demand for energy storage solutions globally, with multiple companies securing significant contracts in May 2023, indicating a strong trend in the energy transition [1][2][3][4]. Group 1: Company Developments - Up to 10 GWh of energy storage contracts were secured by various companies, including Upwind Electric, Huichuan Technology, and others, showcasing the ongoing demand for energy storage solutions [1]. - Upwind Electric signed a framework cooperation agreement with Turkish company Europower for a total of 750 MW of energy storage products, expanding its presence in the Turkish and Eurasian markets [1]. - Huichuan Technology, along with Zhongchu Technology and Genaspi Energy, announced a collaboration on Australia's largest energy storage project, Bundey, with a capacity of 1.2 GW/3.9 GWh [1][2]. - Chuangneng New Energy signed a strategic cooperation agreement with UK-based Imersa for a 2.5 GWh project, focusing on their self-developed 5 MWh battery prefabricated cabin [2]. - Trina Storage announced a partnership with FlexGen to deliver a grid-level battery storage system in Houston, Texas, with a capacity of 371 MWh [2]. Group 2: Strategic Partnerships and Collaborations - Sige New Energy signed a 1 GWh framework cooperation agreement with Aprili ce, covering residential and commercial energy storage projects [3]. - Sige also reached a strategic cooperation agreement with Global Solar Bulgaria for a 200 MWh project using Sige's modular system [3]. - Honeycomb Energy signed four strategic cooperation agreements, covering over 2 GWh in total, including projects in India and Europe [3]. - Winco Energy secured over 1.3 GWh of intention orders in the European market, covering multiple countries [4]. Group 3: Market Trends and Projections - In 2024, Chinese energy storage companies are expected to show strong competitiveness in overseas markets, with an estimated order scale exceeding 150 GWh [4]. - In the first quarter of 2025, Chinese companies' overseas energy storage orders approached 100 GWh, reflecting a year-on-year growth of 756.72% [4].

Core Viewpoint - The article discusses the growth and strategic developments of Shangneng Electric in the energy storage sector, highlighting its overseas expansion and product diversification efforts. Group 1: Company Performance - Shangneng Electric secured a framework supply agreement for 750MW of energy storage products with Europower Enerji, enhancing its presence in the Turkish and Eurasian markets [1] - In 2024, the company reported a revenue of 4.773 billion yuan, a decrease of 3.23% year-on-year, primarily due to reduced domestic energy storage system integration business [5] - The net profit attributable to shareholders reached 419 million yuan, a significant increase of 46.49% year-on-year, driven by rapid growth in overseas solar-storage business [5] Group 2: Revenue Growth and Projections - The company's energy storage business revenue grew from 19 million yuan in 2019 to 1.927 billion yuan in 2023, with a compound annual growth rate (CAGR) of 151.92% [8] - In Q1 2025, Shangneng Electric achieved a revenue of 831 million yuan, a year-on-year increase of 16.78%, and a net profit of 87.65 million yuan, up 71.56% year-on-year [11] Group 3: Product and Market Strategy - The company’s energy storage product matrix includes centralized and string inverters, with a power range from 100kW to 12.5MW, and solutions for microgrids and grid-connected systems [12] - The company plans to launch a home storage integrated machine by the end of 2024, expecting significant contributions from overseas home storage business in 2025 [14] - Shangneng Electric aims to increase the share of energy storage revenue to over 50% by 2025, up from 40.4% in 2024, while also focusing on technological innovation and cost reduction [15][16] Group 4: Global Market Expansion - The company is actively expanding its global market presence, with plans to increase overseas revenue share to over 40% by 2025, up from 24.38% in 2024 [16] - Significant progress has been made in various regions, including securing a 140.8MW supply for a U.S. project and collaborating on a 24GWh storage plan in Saudi Arabia [15]

Industry Overview - The energy storage inverter is a device that converts direct current (DC) from batteries into alternating current (AC), playing a crucial role in energy storage systems and enabling bidirectional energy flow between storage systems and the grid [1][4] - The market for energy storage inverters in China is rapidly growing, with the market size projected to increase from 2.21 billion yuan in 2020 to 12.098 billion yuan in 2024 [1][14] - The energy storage industry in China is entering the GWh era, with significant projects being launched, including 10 GWh-level lithium battery projects and 2 300MW compressed air storage projects [8][20] Policy Environment - Multiple policies have been issued to promote the development of new energy storage technologies and products, which will benefit the energy storage inverter industry [10][12] - The government aims to achieve a new energy storage installed capacity of over 30GW by 2025, supported by subsidies and price mechanisms [23] Market Dynamics - The energy storage inverter market is characterized by high concentration, with the top five companies (CR5) holding an 82% market share [14][21] - Major players in the market include Sungrow Power Supply, Kehua Data, and SINE, with Sungrow leading with a market share of 29% [14][16] Technological Trends - The industry is experiencing accelerated technological iteration, focusing on high conversion efficiency, high power density, and intelligent control [20] - Current mainstream products have achieved conversion efficiencies exceeding 98%, with future targets aiming for over 99% [20] Competitive Landscape - The competitive landscape is evolving, with leading companies integrating vertically and horizontally to enhance their capabilities in energy storage solutions [21][22] - Domestic companies are expanding into international markets, leveraging cost and technological advantages to compete globally [22] Application Scenarios - The application scenarios for energy storage inverters are diversifying, with increasing demand in grid-side applications, commercial sectors, and residential markets [23] - The integration of energy storage systems with renewable energy sources is becoming more prevalent, driving the need for efficient and compact inverters [23]

Investment Rating - The investment rating for Sineng Electric is maintained at BUY with a target price of RMB 34.00 [1][4][8] Core Views - Sineng Electric's revenue for 2024 is projected at RMB 4,773 million, with an attributable net profit of RMB 419 million, reflecting a year-on-year decline in revenue of 3.2% but a significant increase in net profit of 46.5% [1] - The company is experiencing intensified competition in the energy storage market, particularly in the Middle East, which has affected pricing and shipment volumes [4] - The report anticipates that the company's expansion in overseas markets, particularly in Asia, Africa, Latin America, and Europe, will drive incremental growth [1][4] Financial Performance - For 2024, the revenue from the PV inverter business is expected to be RMB 2.75 billion, down 4% year-on-year, while the gross profit margin (GPM) improved by 2.3 percentage points to 22.6% [2] - Energy storage revenue is projected to be RMB 1.93 billion, largely flat year-on-year, with a GPM increase of 5.8 percentage points to 22.0% [3] - The estimated attributable net profit for 2025 and 2026 is revised down to RMB 610 million and RMB 751 million, respectively, due to lower shipment volume assumptions [4] Market Outlook - The report highlights a robust growth in demand for solar-plus-storage systems both domestically and internationally, which is expected to benefit Sineng Electric's business [4] - The estimated average selling price (ASP) for PV inverters in 2024 is projected to be RMB 0.11/Wh, reflecting an 11% decline year-on-year [2] - The company is expected to maintain a steady ASP for energy storage systems at approximately RMB 0.16/W in 2024 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a clear trend of international expansion, with overseas orders contributing to sustained performance improvement [1] - In 2024, the company achieved revenue of 4.773 billion yuan, a year-on-year decrease of 3.23%, while net profit attributable to shareholders was 419 million yuan, an increase of 46.49% year-on-year [5] - The company's gross margin improved to 22.92%, up 3.69 percentage points year-on-year, indicating enhanced profitability [5] - The company expects net profits for 2025-2027 to be 739 million, 881 million, and 1.041 billion yuan respectively, corresponding to P/E ratios of 14, 11, and 10 times [7] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 831 million yuan, a year-on-year increase of 16.78%, and a net profit of 88 million yuan, up 71.56% year-on-year [6] - The company's inverter business generated revenue of 2.75 billion yuan in 2024, with a gross margin of 22.55%, reflecting a year-on-year increase of 2.3 percentage points [6] - The company’s overseas revenue reached 1.16 billion yuan in 2024, a year-on-year increase of 69% [6] Business Segments - The energy storage PCS business generated revenue of 1.93 billion yuan in 2024, with a gross margin of 21.98%, up 5.81 percentage points year-on-year [9] - The company is transitioning from a domestic leader in PCS to a global specialized leader, indicating significant growth potential in overseas markets [9] Financial Projections - The company forecasts revenues of 6.879 billion, 8.166 billion, and 9.395 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 44.1%, 18.7%, and 15.0% [10] - The projected gross margins for the next few years are expected to remain stable around 24.3% [10]

Core Insights - The inverter industry has shown resilience in 2024, with most companies reporting profits despite challenges in the broader photovoltaic sector [1] - In the first quarter of 2025, seven out of nine inverter companies achieved profitability, with significant revenue and net profit growth reported by key players [1][2] Financial Performance - In Q1 2025, leading company Sungrow Power achieved revenue of 19.036 billion yuan, a year-on-year increase of 50.92%, and a net profit of 3.826 billion yuan, up 82.52% [2] - Other companies like DeYe and Upwind Electric also reported strong growth, with DeYe's revenue reaching 2.566 billion yuan, a 36.24% increase, and net profit growing by 62.98% [2] Market Drivers - The growth of inverter companies is driven by increased orders from European and emerging markets, with companies expanding their global presence [4][5] - The demand for new installations and the replacement of aging inverters are significant factors contributing to revenue growth, as the average lifespan of inverters is about 10 years [6] Competitive Advantages - Inverter companies maintain a competitive edge through technological advancements and a focus on product reliability, stability, and cost-effectiveness [3] - The average asset-liability ratio of inverter companies is lower than that of major photovoltaic chain enterprises, indicating a more stable financial position [7]

兴业证券股份有限公司 关于上能电气股份有限公司 2、本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的任 何质询和调查。 向不特定对象发行可转换公司债券之保荐总结报告书 兴业证券股份有限公司（以下简称"兴业证券"）作为上能电气股份有限公 司（以下简称"上能电气"或"上市公司"）向不特定对象发行可转换公司债券 项目（以下简称"上能转债"）的保荐机构，根据《证券发行上市保荐业务管理 办法》、证券交易所监管规则等相关规定及兴业证券与上能电气签署的《保荐协 议》，兴业证券对上能转债的持续督导时间为该上市公司可转换公司债券上市当 年剩余时间及其后 2 个完整的会计年度，上能转债于 2022 年 7 月 1 日起在深圳 证券交易所挂牌上市，其持续督导期为 2022 年 7 月 1 日至 2024 年 12 月 31 日， 现兴业证券对上能转债的持续督导期限已满，兴业证券根据相关法律法规，出具 本保荐总结报告。 一、保荐机构及保荐代表人承诺 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 保荐机构 | 兴业证券股份有限公司 | | -- ...

兴业证券股份有限公司 关于上能电气股份有限公司 2024 年度跟踪报告 | 保荐人名称：兴业证券股份有限公司 | 被保荐公司简称：上能电气 | | --- | --- | | 保荐代表人姓名：唐涛 | 联系电话：025-84661585 | | 保荐代表人姓名：毛祖丰 | 联系电话：025-84661595 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、 募集资金管理制度、内控制度、内部审计制 | 是 | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月查询一次 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | | | 4 ...

Group 1: Wind Power Industry - The wind power industry in China is experiencing a recovery in performance from Q4 2024 to Q1 2025, with some companies exceeding expectations [3] - In 2024, 23 A-share wind power companies reported a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan, showing a revenue increase of 4.39% but a net profit decline of 12.70% year-on-year [3] - In Q1 2025, these companies achieved a total revenue of 47.58 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [3] - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a 35.72% increase year-on-year, and a net profit of 568 million yuan, up 70.84% [4] - The recovery in wind turbine prices and expansion into overseas markets have positively impacted the performance of wind power manufacturers [4][6] Group 2: Solar Power Industry - The solar power industry faced significant challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a decrease of 17.96% year-on-year, and a net profit of approximately -363 million yuan, a decline of 100.25% [8] - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 4.74 billion yuan, indicating a significant drop compared to Q1 2024 [8] - Major integrated solar companies like TCL Zhonghuan, Longi Green Energy, and Tongwei reported substantial losses, with net profits of -9.82 billion yuan, -8.62 billion yuan, and -7.04 billion yuan respectively [8] - Despite the overall downturn, companies involved in solar energy storage have shown resilience, with notable performances from companies like Sungrow Power and Canadian Solar [9] Group 3: Energy Storage Industry - The energy storage industry saw a decline in overall performance in 2024, with 21 A-share companies reporting a total revenue of 682.1 billion yuan, a decrease of 3.59%, and a net profit of 74.54 billion yuan, down 21.4% year-on-year [12] - In Q1 2025, these companies reported a total revenue of 158.07 billion yuan, a year-on-year increase of 12.39%, and a net profit of 21.03 billion yuan, up 34% [13] - The profitability in the energy storage sector is increasingly concentrated among leading companies like CATL and Sungrow, which have reported significant profit increases [13] - The energy storage market is undergoing transformation, with a shift in focus from domestic to overseas markets for higher profit margins [14][15]